Moelis & Company provided earnings guidance for the fourth quarter and full year ended December 31, 2016. The company estimates that its revenues will be in the range of approximately $196 million and $200 million, compared to $174.8 million for the fourth quarter ended December 31, 2015. For the full year, the company expects revenues in the range of approximately $605 million to $609 million, compared to $551.9 million for the fiscal year ended December 31, 2015. The company's revenues for the fiscal year ended December 31, 2016 were driven primarily by strong M&A-related activity, particularly in the U.S., which was partially offset by a decline in revenues in Europe. For the fourth quarter and fiscal year ended December 31, 2016, the company estimates that its income before income taxes as a percentage of revenues will be at or above prior year periods, despite the estimated increase in its compensation ratio for the fiscal year ended December 31, 2016, compared to the prior year period, due to the additional tranche of incentive equity issued in early 2016 and the impact of accelerating the vesting schedule for that tranche.